Puerto Rico FV Bank Selects Fireblocks as Infrastructure Partner for Digital Asset Custody Services

News | June 25, 2021 By:

Puerto Rico based FV Bank, a licensed digital bank and digital asset custodian, has announced its partnership with crypto security startup Fireblocks.

Fireblocks is an enterprise-grade platform for financial institutions that need to streamline digital asset trading operations – without sacrificing security. The company claims that its platform can securely transfer assets across exchanges, wallets, custodians, and counterparties and keep them readily available using patent-pending chip isolation security and MPC technology. Fireblocks has secured the transfer of over $150 billion in digital assets and has a unique insurance policy that covers assets in storage & transit.

FV Bank will be leveraging Fireblocks unique MPC-based wallet and network infrastructure to support the introduction of its digital asset custody services which will seamlessly be integrated within FV Bank’s online banking for its international customers. FV Bank is the one of the few banks which has a banking license and digital asset custody licenses which will enable FV Bank to offer new services inside a vertically integrated and regulated bank service offering.

“It is very important that our offerings take advantage of the industry’s leading digital asset management infrastructure solution as we move to prove banks can compete and lead in the convergence of digital assets management and fiat based accounts,” said Miles Paschini, CEO at FV Bank. “Selecting Fireblocks’ wallet infrastructure gives us a competitive edge as it will enable us to securely and rapidly deploy a groundbreaking offering from a regulated international bank. We also are committed to provide insurance over our clients assets under management, Fireblocks secure infrastructure has gained the confidence of insurers allowing us to offer a bank grade solution to the marketplace.”

For FV Bank, leveraging Fireblocks’ MPC wallet infrastructure and being able to streamline liquidity settlements using our own proprietary FVNet in combination with the Fireblocks Network guarantees the best possible experience for our account holders. By leveraging Fireblocks, we will be able to scale and quickly enhance and add new products to our service offering which are unprecedented in a regulated bank.

“FV Bank’s integration of the Fireblocks platform brings us a step closer in our effort to enable secure digital asset adoption among traditional financial institutions,” said Michael Shaulov, CEO of Fireblocks. “FV Bank’s institutional customers can now securely interact with digital assets at an enterprise level and experience the full benefits of crypto finance with industry leading transaction speeds and the highest levels of operational security.”